VANCOUVER, June 15 /CNW/ - Pacific North West Capital Corp. (PFN)
(TSX: PFN OTCBB: PAWEF Frankfurt: P7J) is pleased to announce that the diamond
drill program that commenced on May 11, 2007 has doubled to evaluate
additional geophysical and geological targets along with the deep EM
conductors (to depths of 200 metres). The meterage has been increased to 4000
meters to test earlier indicated targets south of the Montcalm Mine as well as
others within the Montcalm Intrusive Complex (MIC).
The PFN drill program is continuing to evaluate deep conductive targets,
identified from a Pulse EM survey, with coincident magnetic signatures similar
to those identified over the Montcalm Mine mineralization. These drill targets
are also supported by the identification of a geological environment from
previous drill results in 2005, to the south-west of the Montcalm Mine,
similar to that hosting the ore mineralization (Cu-Ni) in the Montcalm Mine.
Off-hole EM conductors identified in 2005 drill holes as well as some of the
defined AeroTem conductors will also be tested with this added drilling
meterage. Additionally, all of the 2007 drill holes are being probed with
down-hole pulse surveys to determine if the best parts of the conductors have
been intersected. The West Timmins Nickel Project was obtained by an
Option/Joint Venture with Xstrata Nickel, whereby PFN may earn a 100% interest
in the Project. The West Timmins Project covers 355 km2 (26,928 hectares),
some 60 km west of Timmins, Ontario. To view location figure, please visit:
Numerous other anomalies, in the MIC, delineated by airborne EM
(AeroTEM), downhole geophysics, and geochemical techniques (MMI survey) will
still remain to be drill tested. Other geological target areas within the MIC
have to be evaluated by ground reconnaissance surveys. These follow-up
programs are expected to be initiated later in the year.
The West Timmins project is located adjacent to Xstrata Nickel's Montcalm
deposit. The deposit contains a Proven Mineral Reserve of 4.1 million tonnes @
1.38% Ni, 0.64% Cu as of December 31, 2006. Ore is transported 108 km east
from the Montcalm Mine to the Kidd Creek Metallurgical Complex to be
processed. To view Location Figure, please visit: www.pfncapital.com.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. is a North American industry leader in
the search for Platinum Group Metals (PGMs) and Nickel.
PFN is currently in the most aggressive acquisition phase of the
company's history and is committed to advancing its existing projects and
acquiring new projects via self-funding or option/joint venture agreements
with major mining companies. The company has over $8 million in working
capital and securities.
In late 2004 PFN established a Nickel Division that is rapidly growing
and today has an Option/Joint Venture in the Timmins Mining District with
Xstrata Nickel with further announcements pending on other projects. An
extensive geophysical and ground proofing exploration program has been
completed. PFN has expended approximately $1.69 million on the project to
date. In May, a diamond drill program commenced to evaluate EM conductors to
depths of 200 meters south of the Montcalm Mine claims, Timmins, Ontario. The
targets are within the strike extension of the interpreted mine stratigraphy
of the Montcalm Intrusive Complex (MIC). The program was expanded to 3000
meters in June 2007.
Stillwater Mining Company (NYSE: SWC), the largest producer of palladium
and platinum in the Western hemisphere, recently purchased 11% of PFN and is a
strategic partner in the search for new platinum group metal discoveries in
North America. PFN and Stillwater have entered into a non-binding Letter
Agreement pertaining to ongoing exploration of the Goodnews Bay Platinum
Project. The Letter Agreement also provides for Stillwater to fund
reconnaissance on other Alaskan PFN exploration projects with the provision
for Stillwater to enter into option/joint venture agreements on the Goodnews
Bay Project and 1 or more of the reconnaissance projects.
Under the terms of the Letter Agreement, Stillwater will spend $4 million
to earn 50% of GBPP by December 31, 2010. Stillwater may elect to increase its
interest to 60% by incurring an additional $8 million in exploration
expenditures within an additional two year period or upon completion of a
Feasibility Study, whichever occurs first. Stillwater may increase its
interest to 65% by arranging for 100% of the project financing required to
place the Property into Commercial Production within an additional three
Under the Reconnaissance portion of the Letter Agreement, Stillwater will
expend $500,000 in 2007 which will allow it to inspect several of PFN's
proposed projects. In the event Stillwater elects to continue participating in
one or more projects, they will automatically be able to enter into one or
more agreements identical to the Goodnews Bay. Pacific North West Capital is
the project operator.
In addition, PFN is exploring the River Valley Project, located near
Sudbury, Ontario, joint ventured 50/50 with Anglo Platinum Limited ("Anglo
Platinum"), the world's largest primary producer of platinum. Anglo Platinum
has committed over $19 million to the River Valley Project to date and may
earn a 60% interest in the project by completing a feasibility study and a
65% interest by funding it through to production.
Current measured and indicated resources: 30.5 million tonnes containing
953,900 ounces of palladium (0.97 g/t), 329,500 ounces of platinum (0.34 g/t)
and 59,500 ounces of gold (0.061 g/t) with an additional 2.3 million tonnes
containing 67,000 ounces of palladium (0.87 g/t), 23,800 ounces of platinum
(0.31 g/t) and 4,000 ounces of gold (0.05 g/t) of Inferred Resources using a
0.7 g/t cut off (pt/pd). The objective of the 2006 $1.1 million Phase 9A
budget was to extend the new Platinum Group Metal mineralized horizons
discovered during the 2005 fieldwork and to better understand the structural
controls on the mineralization. Management recently presented Anglo Platinum
with the 2007 work program and budget.
In 2006, PFN signed a Cooperation Agreement with SOQUEM Inc., a wholly
owned subsidiary of the Société Générale de Financement du Québec ("SGF"),
mandated to put new mines into production. Under the terms of the Agreement,
PFN and SOQUEM are participating in a 50/50 joint venture with the objective
of identifying viable PGM and base metal properties for further exploration.
PFN and SOQUEM recently announced a Phase Two 2007 budget of $460,000 to
advance work on reconnaissance properties in Quebec. The summer exploration
program has begun on this project.
PFN management is currently negotiating and acquiring several new PGM and
Nickel/Base Metals projects throughout North America more specifically in
Labrador, Quebec, Ontario, Manitoba, Saskatchewan, British Columbia, Northwest
Territories and Alaska.
The company has over $8 million in working capital and securities.
The Qualified Person for this release is John W. Londry, M.Sc, P. Geo,
VP Exploration, Pacific North West Capital.
On behalf of the Board of Directors
President and CEO
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Disclaimer: This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements of
historical fact, included herein are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed from
time to time with The Toronto Stock Exchange, British Columbia Securities
Commission and the United States Securities & Exchange Commission.
For further information:
For further information: Tel: (604) 685-1870, Fax: (604) 685-8045,
Email: email@example.com, or visit www.pfncapital.com; 2303 West 41st Avenue,
Vancouver, B.C., Canada, V6M 2A3